A relational theory of risk

Abstract

This paper outlines a relational theory of risk. According to this theory, risk emerges from situated cognition that establishes a relationship of risk between a risk object and an object at risk, so that the risk object is considered, under certain contingent circumstances and in some causal way, to threaten the valued object at risk. This relational theory of risk is a theory about the interpretative nature of risk that answers the key theoretical and practical questions of why and how something is considered a risk. The relational theory of risk allows for the interpretation of risk situations as culturally informed, and thereby suggests new ways to approach risk communication, risk governance, and risk management by taking into account bounded rationalities of thought and action.